1. Educación

Thomas Frederik Hellmann
Professor of Entrepreneurship and Innovation
Saïd Business School, Oxford University
Park End Street, Oxford, OX1 1HP, UK
Tel: +44 (0) 1865 288937
Email : [email protected]
Website: www.sbs.ox.ac.uk/community/people/thomas-hellmann
Employment

Since September 2014: Professor at Saïd Business School, Oxford University

2008-2014: B.I. Ghert Family Foundation Professor in Finance and Policy Professor at the
Sauder School of Business, University of British Columbia.

2004-2008: Associate Professor (with tenure) at the Sauder School of Business, University
of British Columbia.

1994-2004: Assistant Professor of Strategic Management; Stanford Graduate School of
Business.
Education

1989-1994: Stanford University, Ph.D. in Economics. Advisers: J. Stiglitz and M. Aoki.

1986-1989: London School of Economics, BA in Mathematical Economics and
Econometrics.

Fluent in English, German and French.
Visiting appointments

Fall 2011: Visiting professor at the Harvard Business School, taught entrepreneurship and
entrepreneurial finance classes for MBAs and executives.

Spring 2011: Visiting scholar at the University of Auckland (New Zealand, 2011), and
University of Melbourne (Australia, 2011).
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
February 2008 and December 2006: Visiting lecturer at the Indian School of Business in
Hyderabad; taught venture capital courses.

Summer 2002: Visiting scholar at University of New South Wales (Sydney, Australia).

Academic year 2001/2002: Visiting professor at The Wharton School (University of
Pennsylvania); taught MBA entrepreneurship courses.

Spring 2000: Visiting scholar at INSEAD (Fontainebleau, France, 2000).

Academic year 1998/1999: National Fellow at the Hoover Institution (Stanford University).

Summer internships at The World Bank (Washington D.C., 1992), Commerzbank
(Frankfurt, Germany, 1991) and Luxemburger Wort (Luxemburg, 1989).
Professional responsibilities

Academic Director of the Entrepreneurship Center at the Saïd Business School

Founding Organizer of the NBER Entrepreneurship Research Boot Camp (2008-present).

Associate Editorships
o Journal of Financial Intermediation (2010-2013).
o Management Science (2006-2009).
o Journal of Economics and Management Strategy (2006-2009).

NBER Research Associate, Member of the Strategic Research Initiative, Regular member of
the program committee for various conferences and scholarships (Kauffman, WFA, a.o.).

Formerly Director of the W. Maurice Young Entrepreneurship and Venture Capital
Research Centre (2007-2014).

Advisory roles
o Journal of Private Equity (www.iijournals.com/toc/jpe/current)
o National Angel Capital Organization (https://nacocanada.com/)
o Pacific Venture Capital Conference & Competition (www.ubcpvcc.com/)
o Quebec City Conference, Public Policy Forum (www.quebeccityconference.com/)
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Refereed publications
1. Thomas Hellmann and Veikko Thiele (2014), “Friends or Foes? The Interrelationship
between Angel and Venture Capital Markets” forthcoming in Journal of Financial
Economics
2. Thomas Hellmann and Veikko Thiele (2014), “Contracting among Founders” forthcoming
in Journal of Law, Economics and Organization
3. James Brander, Qianqian Du and Thomas Hellmann (2014), “The Effects of GovernmentSponsored Venture Capital: International Evidence”, Review of Finance (published online
as of 03/17/2014)
4. Thomas Hellmann and Enrico Perotti (2011), “The Circulation of Ideas in Firms and
Markets” Management Science 57(10), October 1813–1826
5. Thomas Hellmann and Veikko Thiele (2011), “Incentives and Innovation: A Multi-tasking
Approach”, American Economic Journal: Microeconomics 3 (February 2011), 78–128.
6. Laura Bottazzi, Marco Da Rin and Thomas Hellmann (2009), “What is the Role of Legal
Systems in Financial Intermediation? Theory and Evidence” Journal of Financial
Intermediation, 18, 559–598
7. Laura Bottazzi, Marco Da Rin and Thomas Hellmann (2008), “Who are the Active
Investors? Evidence from Venture Capital” Journal of Financial Economics, 89(3), 488512
8. Thomas Hellmann, Laura Lindsey and Manju Puri (2008), “Building Relationships Early:
Banks in Venture Capital” The Review of Financial Studies 21(2), 513-541
9. Thomas Hellmann (2007), “When Do Employees Become Entrepreneurs?” Management
Science, 53(6), 919-933.
10. Thomas Hellmann (2007), “The Role of Patents for Bridging the Science to Market Gap”
Journal of Economic Behavior and Organization, 63(4), August, 624-647
11. Thomas Hellmann (2007), “Entrepreneurs and the Process of Obtaining Resources”
Journal of Economics and Management Strategy, 16(1), 81-109
12. Thomas Hellmann (2006), “IPOs, Acquisitions and the Use of Convertible Securities in
Venture Capital” Journal of Financial Economics, 81(3), 649-679
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13. Marco Da Rin and Thomas Hellmann (2002), “Banks as a Catalyst for Industrialization”
Journal of Financial Intermediation, 11, 366-397, Winter, Winner of the “Best paper of the
year” prize of the JFI
14. Thomas Hellmann (2002), “A Theory of Strategic Venture Investing” Journal of Financial
Economics, Vol. 64, 2, 285-314, May
15. Thomas Hellmann and Manju Puri (2002), “Venture Capital and the Professionalization
of Start-Up Firms: Empirical Evidence” Journal of Finance, 57, 1, 169-197, February 2002,
reviewed by Business Wire 01/29/01 and Reuters 01/30/01
16. Thomas Hellmann and Manju Puri (2000), “The Interaction between Product Market and
Financing Strategy: The Role of Venture Capital” Review of Financial Studies, 13, 4, 959984, Winter, reviewed in Business Week 08/11/99 (p.28)
17. Thomas Hellmann, Kevin Murdock and Joseph Stiglitz (2000),“Liberalization, Moral
Hazard in Banking and Prudential Regulation: Are Capital Requirements enough?”
American Economic Review, 90(1), 147-165, reviewed in Business Week 05/08/00 (p.10)
18. Thomas Hellmann, and Joseph Stiglitz (2000),“Credit and Equity Rationing in Markets with
Adverse Selection” European Economic Review, 44, 281-304
19. Thomas Hellmann (1988), “The Allocation of Control Rights in Venture Capital Contracts”
The Rand Journal of Economics, Vol. 29, 1, 57-76, Spring 1998
Working papers
20. Thomas Hellmann, Paul Schure and Dan Vo, (2015), “Angels and Venture Capitalists:
Complements or Substitutes?”
21. Thomas Hellmann and Veikko Thiele (2014), “Partner Uncertainty and the Dynamic
Boundary of the Firm”
22. Thomas Hellmann and Noam Wasserman (2014), “The First Deal: The Division of Founder
Equity in New Ventures”
23. Laura Bottazzi, Marco Da Rin and Thomas Hellmann (2012), “The Importance of Trust for
Investment: Evidence from Venture Capital”, winner of the NASDAQ Award for best
paper on capital formation, Western Finance Association
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Practice-oriented publications
24. James Brander, Thomas Hellmann and Tyler Meredith, 2012, “What Ottawa Can Do”
Institute for Research on Public Policy”, Policy Options, November, 42-44
25. James Brander, Qianqian Du and Thomas Hellmann, (2010) “Governments as Venture
Capitalists: Striking the Right Balance” In “Globalization of Alternative Investments,
Working Papers Volume 3: The Global Economic Impact of Private Equity Report 2010”,
World Economic Forum, pp. 25-52.
26. Thomas Hellmann and Paul Schure, 2010, “An Evaluation of the Venture Capital Program
in British Columbia” Report prepared for the Report prepared for the BC Ministry of
Small Business, Technology and Economic Development
27. Thomas Hellmann, Ilkin Ilyaszade and Thealzel Lee, 2010, "Angels in British Columbia:
Preliminary Survey Results", October 2010
28. Thomas F. Hellmann, Edward J. Egan and James A. Brander “Value Creation in Venture
Capital: A Comparison of Exit Values across Canadian Provinces and US States” Report
commissioned by Leading Edge British Columbia, October 2005
29. Laura Bottazzi, Marco Da Rin and Thomas Hellmann, 2004, “The Changing Face of the
European Venture Capital Industry: Facts and Analysis”, The Journal of Private Equity,
7(2) Spring, 26-53,
30. Marc-Oliver Fiedler and Thomas Hellmann (2001), “Against All Odds: The Late but Rapid
Development of the German Venture Capital Industry” The Journal of Private Equity,
Fall, 4(4), 31-45
31. Philip Alphonse, Thomas Hellmann and Jane Wei (1999), “Minority Private Equity: A
Market in Transition” The Journal of Private Equity, Summer, 27-45
32. Thomas Hellmann (1997), “Venture Capital: A Challenge for Commercial Banks” The
Journal of Private Equity, Fall 1997, 49-55
Book chapters
33. Marco Da Rin, Thomas Hellmann, and Manju Puri (2012), "A Survey of Venture Capital
Research"; George Constantinides, Milton Harris, and René Stulz (eds.) Handbook of the
Economics of Finance, vol 2, Amsterdam, North Holland
34. James Brander, Edward Egan and Thomas F. Hellmann (2010), "Government Sponsored
versus Private Venture Capital: Canadian Evidence" in International Differences in
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Entrepreneurship, J. Lerner and A. Schoar (eds.), National Bureau of Economic Research,
pp 275-320, University of Chicago Press, Chicago, IL, US.
35. Ralf Becker and Thomas Hellmann (2005), “The Genesis of Venture Capital: Lessons from
the German Experience” in Venture Capital, Entrepreneurship, and Public Policy, C.
Keuschnigg and V. Kanniainen (eds.), Chapter 2, 33-67, MIT Press.
36. Thomas Hellmann (2003), “Going Public and the Option Value of Convertible Securities
in Venture Capital” in Venture capital contracting and the valuation of high tech firmsJ.
McCahery and L. Renneboog (eds.), 60-73, Oxford University Press
37. Thomas Hellmann, Kevin Murdock and Joseph Stiglitz (2002), “Franchise Value and the
Dynamics of Financial Liberalization”, Financial Systems in Transition: The Design of
Financial Systems in Central Europe, Anna Meyendorff and Anjan Thakor (eds.), MIT
Press, 111-127
38. Thomas Hellmann (2000), “Venture Capitalists: The Coaches of Silicon Valley”, The
Silicon Valley Edge: A Habitat for Innovation and Entrepreneurship, W. Miller, C.M. Lee,
M.Gong Hanock and H. Rowen (eds.), Stanford University Press
39. Thomas Hellmann, Kevin Murdock and Joseph Stiglitz (1998), “Financial Restraint and the
Market Enhancing View” Proceeding of the IEA Round Table Conference: The institutional
Foundation of Economic Development in East Asia, M. Aoki (ed.), 255-284
40. Thomas Hellmann and Kevin Murdock (1998), “Financial Sector Development Policy: The
Importance of Reputational Capital and Governance” Development Strategy and
Management of the Market Economy, vol. 2, R. Sabot and I. Skékely (eds.), Oxford
University Press
41. Thomas Hellmann, Kevin Murdock and Joseph Stiglitz (1997), “Financial Restraint:
Towards a New Paradigm”, The Role of Government in East Asian Development:
Comparative Institutional Analysis, M. Aoki, M. Okuno-Fujiwara and H. Kim (eds.), Oxford
University Press
42. Thomas Hellmann, Kevin Murdock and Joseph Stiglitz (1996), “Deposit Mobilization and
Financial Restraint”, Financial Development and Economic Growth: Theory and
Experiences from Developing Economies, N. Hermes and R. Lensink (eds.), London,
Routledge
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Case studies and teaching materials
Harvard Business School
43. Angels in British Columbia, Harvard Business School Case Study, 9-811-100, by Josh
Lerner, Thomas Hellmann and Ilkin Ilyaszade
(Accompanied by Harvard Business School Teaching Note, 5-812-080,)
Sauder School of Business
I was the project leader for the BCIC Case Study Library, and authored the following case studies:
44. High Stakes at Absolute Software, BCIC CSL 1, 2009
45. OncoGenex Technologies: Bringing Drugs to Market in a Tight Funding Environment, BCIC
CSL 3, 2009
46. Westport Innovations Inc.: Tales of a University Spin-off, BCIC CSL 6, 2009.
47. Teaching Note for Westport Innovations Inc.: Tales of a University Spin-off, BCIC CSL 6
48. Inproheat Industries: Managing Innovation, BCIC CSL 7, 2009
49. Sitemasher Corporation, BCIC CSL 12, 2009
Technical notes (with accompanying spreadsheets)
50. Entrepreneur's Financial Projections Model
51. PROFEX Valuation tool
52. Term Sheet Calculator
Stanford Graduate School of Business
53. eCircle AG, E-92, June 2001
54. A Note on Valuation of Venture Capital Deals, E-95, March 2001
55. SpiffyTerm, Inc.: January 2000, SM-86, March 2001
56. Allied Equity Partners: March 1999, S-SM-61, March 2001
57. AllAdvantage: Fall of 2000, E-117, February 2001
58. Strategy in Entrepreneurial Ventures, Mimeo, Stanford, 2000
59. Jim Jorgensen: The Initial Days at Discovery Zone, S-SM-56, January 1999
60. Shanghai Tang: Global Strategy in an Entrepreneurial Company, S-SM-55, Jan 1999
61. SimVoice Corporation, S-SM-48, May 1998
62. WI Harper International: Bridge between Silicon Valley and Asia, S-SM-39, 1998
63. Genset, S-SM-38, December 1997
64. CambiaVision, S-SM-28, October 1996
65. Symantec Corporation: Acquiring Entrepreneurial Companies, S-SM-27, 1996
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66. Professional Staff: Taking a Venture Abroad, S-SM-23
(also published in Cases in International Entrepreneurship, eds. R. Hisrich, P. McDougall
and B. Oviatt, IRWIN, Chicago, 1997)
67. Apple Computer – Strategic Investment Group, S-SM-21, September 1995
68. Tender Loving Things, S-SM-19, April 1995
Other publications
69. Thomas Hellmann and Scott Stern (2009), “Introduction to the Special Issue on Economics
and Strategy of Entrepreneurship”, Journal of Economics and Management Strategy,
18(3), Fall, 615-621.
70. Thomas Hellmann and Manju Puri (2002), “On the Fundamental Role of Venture Capital”
Economic Review, published by the Atlanta Federal Reserve Bank, 87, No. 4
71. Thomas Hellmann, Laura Lindsey and Manju Puri (2002), “Banks in Venture Capital: A
Research Agenda”, Proceedings form the 38th Annual Conference on Bank Structure and
Competition, Federal Reserve Bank of Chicago, 401-404
72. Thomas Hellmann (2001), “Developing a Venture Capital Industry”, The Institutional
Foundations of a Market Economy, G. Kochendörfer-Lucius and B. Pleskovic (eds.), Villa
Borsig Workshop Series 2000, German Foundation for International Development.
73. Thomas Hellmann (1998), “Some Thoughts on the Theory of Corporate Venture
Investing”, Corporate Governance Today, The Sloan Project on Corporate Governance at
the Columbia Law School, May, 37-41.
74. Comment by Thomas Hellmann in Brookings Papers on Economic Activity-Microeconomics (1998, 197-203) on "What Drives Venture Capital Fundraising?" by Paul
Gompers and Josh Lerner.
75. Comment by Thomas Hellmann in Annual World Bank Conference on Development
Economics (1998, 335-339) on “Financial Liberalization and Financial Fragility” by Asli
Demirgüç-Kunt and Enricha Detriagiache.
76. Book review by Thomas Hellmann in the Journal of Development Economics (1996, Vol.
50, 389-395) of “Development Finance as Institution Building: A New Approach to
Poverty-Oriented Banking” by Jan Pieter Krahnen and Reinhard H. Schmidt.
77. Yoon Je Cho and Thomas Hellmann (1994) “The Government’s Role in Japanese and
Korean Credit Markets: A New Institutional Economic Perspective” Seoul Journal of
Economics, 7(4)383-415. (lightly refereed publication emanating from my internship at
the World Bank, summer 1992)
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Main awards and grants
 Winner of the “Talking Stick Teaching Award” for pedagogical innovation (2010)
 SSHRC Grant, 2013,The relationship between ownership structure and performance in
private companies”
 SSHRC Small Grant, 2012, “The relationship between ownership structure and
performance in private companies”
 SSHRC Grant, 2009, “The Formation and Financing of Entrepreneurial Ventures”
 Hampton Grant, 2009, “Venture Capital and the Financing of New Industries”
 SSHRC Grant, 2005, “The Importance of Venture Capital for Entrepreneurial Growth”
 National Science Foundation, Economics Program Grant, “The Economic Foundation of
Venture Capital” (with Manju Puri, NSF-95-26).
Student Supervision
At UBC
 Primary PhD supervisor to Qianqian Du (completed in 2009)
 Co-advisor to Wei Zhang (completed in 2011) and Feng Zhang (completed in 2011)
 Master Thesis supervisor in Krems program to Alexandra Gruber
 Undergraduate supervisor to honor thesis by David Pothier (completed), Adam Kim
(completed) and Teddy Leung (on-going).
Formal PhD supervision at Stanford
 Ralf Becker (Goldman Sachs)
 Amit Bubna (Indian School of Business)
 Mushtaq Khan (Citibank)
 Laura Lindsey (University of Arizona)
Informal PhD supervision at Stanford
 Morten Sorensen (University of Chicago)
 Yael Hochberg (Northwestern University)
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Academic Seminars
While I do not keep a detailed record of all my seminars and conferences, I have presented at:
the AER meetings, Arizona State University, Bocconi University (Milan), Carnegie Mellon,
Columbia University, Cornell (Johnson School), Dartmouth (Tuck), Duke (Fuqua), Federal
Reserve Bank Philadelphia, Harvard Business School, Humbolt University (Berlin), Indian School
of Business (Hyderabad), Industry Canada (Ottawa), INSEAD, London Business School, London
School of Economics, MIT (Sloan), National Bureau of Economic Research (CF, IPE, ENT), New
York University (Stern School), Northwestern (Kellogg), Ohio State University, Oxford University,
Queen’s School of Business, Rensselaer Polytechnic Institute, Simon Fraser University, Stanford
University (Economics and GSB), Stockholm School of Economics, Tilburg University, Tsinghua
University Beijing, Tulane University, Western Finance Association, Yale University, the
Universities of Alberta (Edmonton), Amsterdam, Arizona, Auckland, British Columbia (Sauder
School and Economics), California (Berkeley), California (UCLA), Cape Town, Chicago (GSB),
Dresden, Frankfurt, Illinois (Urbana-Champaign), Lisbon, Madrid (Carlos III), Mannheim,
Maryland, Massey (Albany, NZ), Melbourne, Michigan, Munich, New South Wales, Oslo,
Pennsylvania (Wharton), Pittsburgh, Pompeu Fabra (Barcelona), Porto, Queens (Kingston, ON),
Rochester, Texas Austin, Toronto (Rotman), Toulouse, Victoria, Washington St. Louis (Olin
School) and Wollongong, as well as numerous academic conferences.
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